CSE Diary for 27.06.2012
“JKH – the day’s revenue driver…”
The initial race of the ASPI to touch a high of 5,016.75 points did not last long as it was seen gliding down to cross the intra-day support level of 5,000 points during the first half of trading hours. The morning uplift could be reasoned with the world renowned S&P launching a dedicated index in partnership with the CSE. The core objective of the index is to help both local and foreign investors gauge the performance of Lankan equity. The representative S&P SL20 index, in which leading criteria constitute of market capitalization, minimum size and financial viability thresholds, dipped 0.23% to close its initial day at 2,845.23 points. Losses made in John Keells Holdings (-0.5%), Carsons Cumberbatch (-0.2%), Commercial Bank (-0.2%), Distilleries Company (-2.1%) and CT Holdings (-2.0%) led the index to dip.
The more liquid Milanka index, which is to be revised with effect from next month, shed marginally taking a similar pattern as the broader index, to slope down after touching a high of 4,456.44 points at 10:56 a.m. Crossings continued to boost the day’s turnover as two off-market deals in John Keells Holdings breathed in 68.7% to the total turnover. However, volume levels struggled to maintain its early week pace.
The two blocks in John Keells Holdings carrying 3.4 mn and 284k shares were crossed off at LKR182.5 and LKR190.0 respectively. Further, a c.4.2 mn share crossing was evident in Textured Jersey at LKR7.7 during the latter trading hours.
Accumulation continued in both the share types of Commercial Bank with the Non-Voting category witnessing two trades carrying c.300k shares taking place in the market at LKR74.0. PC House too saw 2.8 mn shares being picked on board at LKR6.8 whilst its related entity, PC Pharma also saw a similar transaction carrying 1.3 mn shares at LKR14.3. Investor participation continued in Access Engineering but with the counter dipping 5.1% at its close of LKR18.5 after advancing as much as LKR19.8.
Renewed investor play was visible in Lankem Developments as it registered a couple of on board deals during the opening hours of trading. Expolanka Holdings too witnessed four trades taking 381k shares in the market at LKR6.0 per share.
Global Stocks Rise on China Stimulus Bets as Italy Bonds Advance : Stocks rose in Europe and Asia for the first time in five days amid speculation China will add to economic stimulus and Italian bonds gained after a debt sale. The Stoxx Europe 600 Index climbed 0.3% at 10:40 am in London, after jumping as much as 0.6%. The MSCI Asia Pacific Index rallied 0.8%. Standard & Poor’s 500 Index futures were little changed.
Oil Falls below USD80 as US Supply Gain Counters Output Disruption : A government report today is forecast to show supplies slid 1.3 million barrels after unexpectedly climbing to a 22- year high the prior week. Iran’s exports will “gradually” fall amid maintenance on fields and reservoirs as a European Union embargo starts, according to Deputy Oil Minister Ahmad Ghalebani. Oil for August delivery fell as much as 68 cents to USD78.68 a barrel in electronic trading on the New York Mercantile Exchange and was at USD78.87 at 10:18 am London time.